Assets
Includes cash in the bank and in the cash register
Cash
Amounts owed to suppliers for goods or services bought on credit
Accounts Payable
Amount of cash ( or other property) contributed in exchange for the company's common stock
Common Stock
Revenue is found on what financial statement?
Income Statement
Cost of supplies used up during the period
Supplies Expense
Items on hand that will be used to produce goods or provide services.
Supplies
Amounts borrowed from lenders; involves signing a promissory note
Notes Payable
Amount of accumulated earnings not distributed as dividends
Retained Earnings
Arise from delivering products in the ordinary course of business
Sales Revenue
Cost of interest charged on outstanding debts owed during the period
Interest Expense
Goods on hand that are being held for resale
Inventory
Liabilities are found on what financial statement.
Balance Sheet
How do you define stockholder's equity?
Owners’ claims to a company’s resources (stockholders/shareholders)
Arise from providing services in the ordinary course of business
Service Revenue
Cost of employees' wages for the period
Wages expense
Cost of land to be used by the business
Land
What the company OWES to the creditors
Balance Sheet
Define Revenue
Amounts earned from selling products or services to customers
The right to collect from customers for prior sales on credit
Accounts Receivable
True or False: Liabilities and expenses impact each other
FALSE
True or False: Retained Earnings are only found on the balance sheet
False
What happens if expenses are greater than revenue?
A net loss occurs.
Taxes charged on net income reported for the period
Income Tax Expense